Key facts
- Gold prices saw a marginal decline across major Indian cities on June 16, 2026.
- 22k gold jewellery prices in Delhi and Chennai were Rs 13,920 per gram on June 16, down from Rs 13,935 per gram on June 15.
- Gold and silver prices recovered due to a potential US-Iran interim deal and signals of a Strait of Hormuz reopening.
- Market caution persists due to the lack of released agreement text and doubts over commodity flow resumption.
- The probability of a December Fed rate hike has decreased to 57%.
Gold prices experienced a marginal decline across major Indian cities on June 16, 2026, following a slight increase the previous day. Leading jewellery retailers like Tanishq and Malabar Gold & Diamonds reported lower rates compared to Monday.
Globally, gold and silver prices recovered from recent lows. This recovery is attributed to US President Donald Trump signaling a potential reopening of the Strait of Hormuz, following an expected interim deal between the US and Iran. However, market participants remain cautious as the specifics of the agreement have not been released, and doubts linger among US allies regarding the speed of commodity flow resumption.
In financial markets, the probability of a December Federal Reserve rate hike has eased, according to the CME FedWatch Tool, falling to 57% from 70%. This shift in rate hike expectations can influence gold's appeal as an investment.
Indicative retail selling rates from the India Bullion and Jewellers Association (IBJA) for June 16 show a decrease across various gold purities and silver compared to June 15 rates. For instance, 999 fine gold was priced at Rs 15,009 per gram on June 16, down from Rs 15,065 per gram the previous day.
Jewellery prices also reflected this trend. In Delhi, Tanishq's 22k gold jewellery was priced at Rs 13,920 per gram on June 16, a decrease from Rs 13,935 per gram on June 15. Similar price points were observed across other major cities like Chennai, Trivandrum, Kolkata, Bengaluru, Mumbai, and Hyderabad, with brands like Malabar Gold & Diamonds, Kalyan Jewellers, and Joyallukas also showing slight reductions.